Answer:
True
Explanation:
The <em>Substitution Effect</em> is the effect on the demand of a certain product because of variations of the prices of the product or the income of households. The concept illustrates how quantities demanded of a product decrease as the population find other products to substitute it.
Answer:
increases as more people use them.
Explanation:
Network economics refers to a business that uses network effect. It is also called Netromix. The value of a good is increased as the number of buyers increases.
The business will benefit from feedback received by customers that use their products.
For example online services like LinkedIn and Twitter benefit from this type of framework. The more users that use these software th more the business gains.
Answer:
I'm figuring this out for you!
Explanation:
Answer:
$90
Explanation:
The computation of the nominal GDP for the year 4 is shown below:
= Quantity at year 4 × price of year 4
= 18 × $5
= $90
For determining the Nominal GDP for the year 4 we simply multiply the quantity at year 4 with the price of year 4
Hence, the last option is correct
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